Complex Made Simple

MMG narrows quarterly losses by 40%

Saudi construction firm Mohammed Al-Mojil Group (MMG) has said its restructuring plan, which was adopted on November 5, 2012, is moving at a steady pace and is likely to produce promising results within the forthcoming quarters, Saudi Gazette has reported. "We all know that restructuring companies takes time and patience, but in our case, we could, in an 18-month period, achieve positive financial results that will prove the success of our restructuring plan," said MMG chairman, Adel Al-Mojil. "During Q2 2013 we reduced the net loss by nearly 40% and achieved a gross profit of SR3.2m, which was the first since 2011, combined with other positive financials," he added.